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‘Recession: FG should increase spending to stimulate economy’

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A university lecturer, Dr Tolani Hassan, has advised the Federal Government to reflate the economy, stabilise the oil sector and create employment opportunities to reverse the current economic recession.

Hassan, a senior lecturer of Economics at the College of Management and Social Sciences, Tai Solarin University of Education, Ijebu-Ode, stressed the need for government to brace up its policies.

He gave the advice while speaking with the News Agency of Nigeria in Ijebu-Ode on Saturday.

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Hassan also urged government to increase its spending on capital projects in order to stimulate the ailing economy.

The economist observed that the money allocated for capital projects in the current budgetary dispensation had not been adequately utilised by the present administration, hence suffocating the economy.

“Nigeria requires stability in the oil sector to overcome the current economic challenges.

“Though, the drift in the nation’s economy did not start with the current administration, falling prices and instability in the oil sector drove the economy into recession,” Hassan said.

 

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